National Bank announces results, share buyback; boosts dividend

TORONTO May 24 (Reuters) - National Bank of Canada
reported a 6 percent increase in its quarterly operating profit
on Friday, while also outlining plans to buy back shares and
raise its quarterly dividend.

The Montreal-based bank said its board has authorized the
repurchase of up to 2 percent of its common shares, along with a
5 percent increase in its quarterly dividend payout.

The bank said profit from ongoing operations rose to C$369
million ($356.8 million) or C$2.08 a share in its fiscal
second-quarter, up from C$347 million, or C$1.95 a share, a year
ago.

Net income in the quarter ended April 30 however, fell to
C$434 million, or C$2.49 a share, from C$533 million, or C$3.22
a share, a year earlier, when its profits were boosted by a
one-time gain from the sale of its Natcan operations.

National Bank said it is raising its quarterly dividend to
87 Canadian cents a share from 83 Canadian cents a share. The
dividend will be payable on Aug 1, to holders of record on June
20.